Jon Stewart takes on Wall Street
Jon Stewart used this interview with Jim Cramer as an opportunity to talk directly to Wall Street. He attacks the corruption, but takes into account that there are many hard-working and honest people on Wall Street. It's worth watching in full.
Part 1
Part 2
Part 3
Excerpts:
STEWART: Selling this idea that you don't have to do anything. Any time you sell people the idea that, sit back and you'll get 10 to 20 percent on your money, don't you always know that that's going to be a lie? When are we going to realize in this country that our wealth is work?
. . .
STEWART: "Now why when you talk about the regulators, why not the financial news network? That is the whole point of this? CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets: One that has been sold to us as long term. Put your money in 401ks. Put your money in pensions and just leave it there. Don’t worry about it. It’s all doing fine. Then, there’s this other market; this real market that is occurring in the back room. Where giant piles of money are going in and out and people are trading them and it’s transactional and it’s fast. But it’s dangerous, it’s ethically dubious and it hurts that long term market. So what it feels like to us—and I’m talking purely as a layman—it feels like we are capitalizing your adventure by our pension and our hard earned money. And that it is a game that you know. That you know is going on. But that you go on television as a financial network and pretend isn’t happening."
. . .
STEWART: "But it's very easy to get on this after the fact. The measure of the network, and the measure of the mess... CNBC could act as-No one is asking them to be a regulatory agency, but can't-but whose side are they on? It feels like they have to reconcile as their audience the Wall Street traders that are doing this for constant profit on a day-to-day for short term. These guys' companies were on a Sherman's March through their companies, financed by our 401ks, and all the incentives of their companies were for short term profit. And they burned the f--ing house down with our money and walked away rich as hell, and you guys knew that that was going on."
. . .
On Jim Cramer. STEWART: "So again, you now have become the face of this and that is incredibly unfortunate."
I admire Jim Cramer for having the guts to do this interview. It says a lot about a man who is able to put up with that much criticism. But I might just be patting myself on the back here.
Part 1
Part 2
Part 3
Excerpts:
STEWART: Selling this idea that you don't have to do anything. Any time you sell people the idea that, sit back and you'll get 10 to 20 percent on your money, don't you always know that that's going to be a lie? When are we going to realize in this country that our wealth is work?
. . .
STEWART: "Now why when you talk about the regulators, why not the financial news network? That is the whole point of this? CNBC could be an incredibly powerful tool of illumination for people that believe that there are two markets: One that has been sold to us as long term. Put your money in 401ks. Put your money in pensions and just leave it there. Don’t worry about it. It’s all doing fine. Then, there’s this other market; this real market that is occurring in the back room. Where giant piles of money are going in and out and people are trading them and it’s transactional and it’s fast. But it’s dangerous, it’s ethically dubious and it hurts that long term market. So what it feels like to us—and I’m talking purely as a layman—it feels like we are capitalizing your adventure by our pension and our hard earned money. And that it is a game that you know. That you know is going on. But that you go on television as a financial network and pretend isn’t happening."
. . .
STEWART: "But it's very easy to get on this after the fact. The measure of the network, and the measure of the mess... CNBC could act as-No one is asking them to be a regulatory agency, but can't-but whose side are they on? It feels like they have to reconcile as their audience the Wall Street traders that are doing this for constant profit on a day-to-day for short term. These guys' companies were on a Sherman's March through their companies, financed by our 401ks, and all the incentives of their companies were for short term profit. And they burned the f--ing house down with our money and walked away rich as hell, and you guys knew that that was going on."
. . .
On Jim Cramer. STEWART: "So again, you now have become the face of this and that is incredibly unfortunate."
I admire Jim Cramer for having the guts to do this interview. It says a lot about a man who is able to put up with that much criticism. But I might just be patting myself on the back here.
This interview gives and interesting perspective to this quote by Jefferson:
ReplyDelete"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."
People trying to get money without working for it is one major cause of our current economic situation. Both rich and poor are guilty of this greedy behavior.
I respect both of them. I'm glad they were willing to sit down across the table from one another like that.
ReplyDelete